Group 1 - The core viewpoint is that China Hongqiao (01378) is rated as a "buy" by Industrial Securities, with strong demand for aluminum driven by sectors like new energy and ultra-high voltage applications, despite a slight decline in alumina prices [1] - Domestic electrolytic aluminum supply is nearing capacity limits, while downstream demand remains robust, particularly in the photovoltaic and aluminum export sectors, supporting resilient demand for electrolytic aluminum [1] - The average selling price of electrolytic aluminum in H1 2025 was 17,853 RMB per ton, showing a quarter-on-quarter increase of 146 RMB and a year-on-year increase of 474 RMB, with sales volume up 2.4% year-on-year to 2.91 million tons [1] Group 2 - In terms of alumina, prices have declined but profitability has improved, with external sales prices for alumina in H1 2025 decreasing by 664 RMB to 3,243 RMB per ton, while sales volume increased by 860,000 tons year-on-year to 6.37 million tons [2] - The company has maintained strict cost control, with total expenses in H1 2025 amounting to 3.96 billion RMB, a decrease of 420 million RMB year-on-year, while interest-bearing debt increased by 4.7 billion RMB to 75.5 billion RMB [2] - China Hongqiao has announced a share buyback plan of no less than 3 billion HKD, having already repurchased approximately 2.6 billion HKD worth of shares, representing 2% of the total shares outstanding as of the end of 2024 [2]